Global Ship Winch Market size (2024 - 2030)

The Global Ship Winch Market was valued at $1,246.42 Million and is projected to reach a market size of $1675.85 Million by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 4.32%.

Market Overview:

Ship winches are a mechanical device that primarily assists in pulling and lifting activities. It is equipment that is used on docks/shores, boats/ships, ports, and offshore platforms. These winches either have wire rope or chain rope for pulling and lifting operations. The number of ship winches used in a vessel mainly depends on the type of requirement and operation to be performed. Ship winches majorly consist of a drum, cable, power system, chain, manual band brake, control system, manual clutch, and gypsy wheel. High-quality welding material is also used in ship winches for its durability, long life, and safety purposes. The continuous evolution in the marine industry has primarily led to the high adoption of this equipment such as ship winches, which are used in boats and ships for maintaining activities in halyards, sheets, and anchor or mooring lines. Various types of ship winches include electric, hydraulic, and manual. Moreover, the increasing demand for the marine fleet in coastal and inland waterways propels the demand for ship winches. Additionally, the surging demand for transport and supply-side factors such as newer, smarter, and more effective equipment, technologies, and training are playing an important role in the market.

COVID-19 Impact on the Global Ship Winch Market:

The COVID-19 outbreak had a critical negative impact on the global market growth for ship winches in the forecasted years. The market certainly has grown moderately in the past few years despite several hurdles and uncertainties, such as the economic shutdown of major economies, the negative and positive effects of the low crude oil prices, fluctuations in the value of the USD, the rapid growth rate of the automotive and construction industry, the negligible recovery rate of the European nations, and developments in official regulatory norms worldwide. Despite that, the travel restrictions due to the COVID-19 pandemic continue to pose challenges to the marine winches market. It has created several challenges for marine equipment suppliers, mostly due to countries shutting down temporarily and slowly re-opening for business. The pandemic affected both private vessels and commercial ships. As a result, the demand has been pushed back limiting the market growth. 

Market Drivers:

Increasing advancements in technology across various industry verticals is boosting the global ship winch market growth:

With continuous evolution in technology and advancements in equipment manufacturers are coming up with the latest cutting-edge technologies and variations of marine winches. Furthermore, the evolution in processes of mining, oil and gas transportation, marine features, and others are augmenting the demand for ship winches worldwide. This, in turn, is anticipated to fuel the ship winches market globally.

The increase in urbanization and industrialization is fuelling the demand for ship winches worldwide:

The rapid increase in industrialization activities worldwide with continuous urbanization is anticipated to fuel the demand for ship winches globally. Due to the above-mentioned factor, there is a continuous advancement in the supply chain of raw materials, which increases the demand for ship winches. Also, the popularity of e-commerce websites at international levels are predicted to boost the demand further in the upcoming years.

Market Restraints: 

Lack of proper infrastructure and technological barriers may hamper the global ship winch market:

The adoption of ship winch and technology is limited in many areas, primarily due to the lack of technological advancements and developments in some under-developed economies. Lack of advancements and proper infrastructure across various industries may hamper the adoption rate of the latest technologies. Also, the availability of other types of alternatives is anticipated to restrict the growth and demand for ship winches.

SHIP WINCH MARKET REPORT COVERAGE:

This research report on the Global Ship Winch Market has been segmented and sub-segmented based on Types, Applications, Regions, and Key Companies.

Global Ship Winch Market – By Types

• Electric Winches
• Hydraulic Winches
• Manual Winches
• Others

Based on the types, the Global Ship Winch Market has been segmented into 4 segments – Electric Winches, Hydraulic Winches, Manual Winches, and Others.

The Electric Winches segment holds the highest market share of global revenue and is leading the segment in 2022. It is anticipated to grow at a remarkable CAGR during the forecasted years. The increasing popularity of electric winches over other segments of winches is primarily due to the growing ease of usage of these winches over others and less human effort requirements. These are anticipated to boost segment growth highly during the outlook period. Moreover, electric winches are relatively easy and cost-effective compared to hydraulic winches, and hence they are highly popular and preferred across the globe.

Global Ship Winch Market – By Applications

• Marine Engineering
• Hoisting Freight
• Fishing

Based on the application, the Global Ship Winch Market has been segmented into 3 segments –Marine Engineering, Hoisting Freight, and Fishing.

The Marine Engineering segment holds the dominance and accounts for the majority of the market revenue in 2022. It is anticipated to grow considerably during the forecast timeline. The surge in marine operations and activities in multiple locations is estimated to drive the market and is one of the key factors fuelling the market growth. The growing marine operations by various industries such as transportation, oil & gas, material processing, defense, and other areas are augmenting the demand for ship winches across the globe.

Global Ship Winch Market – By Region.

• North America
• Europe
• Asia-Pacific
• South America
• Middle-East and Africa

Based on region, the Ship Winch Market has been segmented into 5 major regions – North America, Europe, Asia-Pacific, South America, Middle-East, and Africa.

The North American market holds the dominance and accounts for the majority of shares of global ship winch market.

The market in Europe is anticipated to grow at a considerable rate during the outlook period. The region has the second-largest market, in terms of revenue capital generation, from the ship winches. The region dominates the global market majorly due to the dense presence of top ship winches manufacturers across the European region.

Ship Winch Market – By Companies.

1. MacGregor
2. Kongsberg (Rolls-Royce)
3. Mitsubishi Heavy Industries
4. Kawasaki Heavy Industries
5. PALFINGER AG
6.  Ingersoll Rand
7. Wartsila
8. FUKUSHIMA
9. Marine Equipments Pellegrini
10. Huisman Equipment B.V
11. Markey Machinery
12. DMT Marine Equipment
13. China Shipbuilding Group

The Global Ship Winch Market is highly fragmented and extremely competitive with key players involved in R&D and constant technological innovation done by the vendors. The players are undertaking key strategies such as acquisition, merger, and manufacture expansion to strengthen their market portfolio and position.

Recent Key Industry Developments:

• In July 2019, MacGregor acquired the offshore and marine businesses of TTS Group ASA. The acquired businesses is anticipated to be integrated within MacGregor's operating structure and expand the business.
• In April 2019, Ingersoll Rand announced its expansion and merger with compressors & industrial pump producer Gardner Denver Holdings Inc. This strategy is predicted to allow Ingersoll to focus on its high-margin business that possesses heating, air conditioning, and transport refrigeration systems.
• In July 2018, Rolls-Royce signed an agreement and sold its commercial marine business to KONGSBERG. It delivers high-technology solutions and systems to the oil & gas, defense, aerospace, and merchant marine industries.
• In February 2018, MacGregor acquired Rapp Marine Group (RMG) to strengthen its product portfolio for the research vessel and fishery segment. Rapp Marine Group has its main locations in the US, Norway, and the UK.